It was a massacre on D-Street as the capital markets and investors were disappointed by the Budget 2020. Barring IT, all the sectoral indices ended with deep cuts. Over the weekend, the market participants must have gone through the fine print of the Budget 2020 and it would be important how the market participants react on Monday.

The rise in revenue is what has troubled the companies. It was evident from the Streets’ reaction that the expectations were different from what has been delivered.

Union Budget 2020-2021 has given a major boost to the power and natural gas sector. 

As part of the Budget 2020 announcement, Finance Minister Nirmala Sitharaman, announced that the government will be divesting its stakes held in IDBI Bank. The stock of IDBI bank jumped by massive 10 per cent post this news.

As per the expectations of the market, the tax slabs have been changed for FY2020-2021. Finance Minister in the Budget has announced a new tax regime for the tax payers. The tax proposals would bring an ease of compliance and reduced litigation.

The banking benchmark index, Bank Nifty slipped below its 200-DMA for the first time since October 17, 2019 after Union Budget speech. The price action formed a sizable bearish candle carrying lower high and lower low, in comparison to its prior bar.

The stock of DLF Limited forms an evening doji star candlestick pattern on the weekly time frame. Evening doji star is a reversal candlestick pattern, which is bearish in nature and appears at the end of an uptrend.

With this boost given to fishery sector, the rural income would get enhanced. Also, India exports fish to almost 75 countries, which accounts to nearly 10 per cent of the total export. Hence, this budget announcement would further open new opportunities for the companies engaged in the fishery business.

Sensex was opened today, despite being Saturday, as Union Budget was tabled but it seemed that the Sensex is not impressed by the Budget, since it slashed more than 987 points and ended at 39,735.53 levels, down by 2.43 per cent while, Nifty closed at 11,661.85 levels, down by 2.51 per cent.